GEORGE TOWN, March 25 – The current market value of properties around the Green Lane area here is estimated at between RM400 to over RM900 per square foot, depending on the house’s condition. Bernama check around the area, including in Jalan Cheeseman, Halaman Free School, Jalan Pinhorn and Jalan Masjid Negeri, found that the majority of houses measuring between 3,000 and 6,000 square feet were offered at a price between RM1.6 million and over RM5.6 million.
This means that the bungalow measuring 10,161 square feet purchased by Chief Minister Lim Guan Eng in Jalan Pinhorn must worth more that the paid price of RM2.8 million. If the paid price of RM2.8 million is divided by the number of square feet, the total cost per square foot came down to only RM276.
But, if it was sold based on the current market price of RM400 per square foot, the chief minister would have to pay over RM4 million for the property. Michael Geh, a senior partner of a property assessment company, Raine & Horne, said according to property sales transaction records from the Property Service Assessment Department, properties in the Green Lane area had been sold at a price of between RM2.8 million and RM3.6 million in 2014 and 2015.
He said although the property value in the area is quite high compared to other areas, there is a strong demand from buyers as the place is quite exclusive with clean neighbourhood and less congested roads. Meanwhile, Penang Real Estate and Housing Developers’ Association chairman Datuk Jerry Chan Fook Sing said the price of property per square foot in Jalan Pinhorn could actually go beyond RM300 based on several factors.
He said this was because the area was located close to the main road which linked the Penang Bridge and the famous Gurney Drive. Bernama checks also found that several real estate agents had put up advertisements for single storey semi-detached houses measuring over 3,000 square feet on Malaysia’s largest online marketplace www.mudah.my, to be sold at a starting price of RM1.6 million.
In fact, a semi-detached house in Jalan Pinhorn measuring 3,445 square feet is available for purchase through the website for RM1.6 million, while a double-storey semi-detached house in Jalan Cheeseman measuring 6,257 square feet is also available for RM2.2 million. A double-storey bungalow measuring 4,219 square feet in Halaman Free School is also offered through the website at RM3.15 million.